Bitcoin’s reduced tendency to move in tandem with U.S. stocks has refocused analysts on a correlation that’s suddenly strengthening: the cryptocurrency’s connection to gold. _jocelynyang_ reports
Bitcoin’s reduced tendency to move in tandem with U.S. stocks has refocused analysts on a correlation that’s suddenly strengthening: the cryptocurrency’s connection to gold.
Bitcoin was recently trading just above $20,000, a nearly 3% gain over the past seven days, while gold was changing hands at $1,700, up more than 3% during the same period. A reading of 0.3 generally indicates a slightly positive correlation and 0.5 is moderately strong, while negative numbers indicate weak correlations.
“At this stage, investors are no longer X-raying the advantages of one hedge against inflation against another, but rather, they just want a better alternative to keep their funds at a time when fiat has proven to be more unstable,” Alexander Meurer, co-founder of blockchain-based fitness application Fitburn, told CoinDesk.
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